Mar 31, 2015
A) These financial statements are prepared in accordance with the
generally accepted accounting principles in India under the historical
cost convention on accrual basis. Pursuant to Section 133 of the
Companies Act, 20.13 read with Rule 7 of the Companies (Accounts)
Rules, 2034, till the Standards of Accounting or any addendum thereto
are prescribed by Central Government in consultation and recommendation
of the National Financial. Reporting Authority, the existing Accounting
Standards notified under the Companies Act, 1956 (the 'Act') shall
continue to apply. Consequently, these financial statements are
prepared to comply in all material aspects with the Accounting
Standards notified under sub-section (3C) of Section 211 of the Act
[Companies (Accounting Standards) Rules, 2006] and the other relevant
provisions of the Companies Act, 2013.
All assets and liabilities are classified as current or non current as
per the company's normal operating cycle and other criteria set out in
Schedule III to the Companies Act, 2013. Based on the nature of
services and the time between the acquisition of assets for processing
and their realisation in cash and cash equivalents, the company has
ascertained its operating cycle as 12 months for the purpose of
current. non-current classification of assets and liabilities.
b) Income Recognition:
(i) Income from Hypothecation loan transaction is accounted on accrual
basis as per the Internal Rate of Return method
(ii) The company has followed prudential norms prescribed by the
Reserve Bank of India in respect of income recognition, valuation of
investments, capital adequacy and provisioning for non performing
assets.
(iii) The company have entered into an Joint Development agreement with
M/s.Baashyaam Properties for construction and development of its
property situated at No.87, GN Chetty Road, T.Nagar, Chennai-600 017.
As per the terms of Joint develoment the company has recognised income
of Rs. 13.94 crorcs on transfer of 50% of undivided share of land and
buildup area as against 75% of the buildup area.
c) Expenditure:
Expenses are accounted on accrual basis except in the case of bonus to
employees and contingent liabilities, which are accounted in the year
of payment.
d) Fixed Assets:
Fixed Assets are stated at historical cost less accumulated
depreciation.
e) Depreciation:
Depreciation on owned assets have been provided under Straight Line
Method at the rates prescribed in Schedule 11 of the Companies Act,
2013. Pursuant to schedule 11 of the Companies Act, 2013 the changes in
the usefull life of the assets are adjusted against reserves & surplus.
f) Valuation of Investments:
Long-term investments are stated at cost and provision for diminution
in value, other than temporary, is considered wherever necessary.
Current investments are valued at lower of cost and market vaiue/net
asset value.
g) Taxes on Income:
Provision for current tax is made after taking into consideration
benefits admissible under provisions of Income Tax Act, 1961. Deferred
Tax resulting from 'timing difference' between book profit and taxable
profit is accounted for using the tax rates and laws that have been
enacted or substantively enacted as on the balance sheet date. The
Deferred tax asset is recognised and carried forward only to the extent
that there is a reasonable certainty that the asset will be realised in
future.
Sep 30, 2014
A) System of Accounting: The financial statements are prepared and
presented under the historical cost convention on the accrual basis of
accounting and comply with the provisions of Companies Act,1956 and in
accordance with the generally accepted accounting principles in India.
The Company follows the directions prescribed by the Reserve Bank of
India for Non Banking Financial Companies from time to time.
b) Income Recognition:
(i) Income from Hypothecation loan transaction is accounted on accrual
basis as per the Internal Rate of Return method .
(ii) The company has followed prudential norms prescribed by the
Reserve Bank of India in respect of income recognition, valuation of
investments, capital adequacy and provisioning for non-performing
assets.
(iii) The company have entered into an Joint Development agreement with
M/s.Baashyaam Properties for construction and development of its
property situated at No.87, GN Chetty Road, T.Nagar, Chennai-600 017.
As per the terms of Joint development the company has recognised income
of Rs.3.67 crores on transfer of 25% of undivided share of land and
buildup area as against 75% of the buildup area.
(iv) The company has entered into an agreement to transfer its non
performing hypothecation assets amounting to Rs.27.35 crores for
consideration of Rs.30.23 crores the said purchase consideration is
discharged by acquisition of equity shares amounting to Rs.27.35 crores
in M/s.Saravana Realty Private Limited and the balance consideration of
Rs.2.88 crores being income on such transfer is recognised as income
c) Expenditure:
Expenses are accounted on accrual basis except in the case of bonus to
employees and contingent liabilities, which are accounted in the year
of payment.
d) Fixed Assets:
Fixed Assets are stated at historical cost less accumulated
depreciation.
e) Depreciation:
Depreciation on owned assets have been provided under Straight Line
Method at the rates prescribed in Schedule XIV of the Companies Act,
1956.
f) Valuation of Investments:
Long-term investments are stated at cost and provision for diminution
in value, other than temporary, is considered wherever necessary.
Current investments are valued at lower of cost and market value/net
asset value.
g) Taxes on Income:
Provision for current tax is made after taking into consideration
benefits admissible under provisions of Income Tax Act, 1961. Deferred
Tax resulting from ''timing difference'' between book profit and taxable
profit is accounted for using the tax rates and laws that have been
enacted or substantively enacted as on the balance sheet date. The
Deferred tax asset is recognised and carried forward only to the extent
that there is a reasonable certainty that the asset will be realised in
future.
Mar 31, 2013
A) System of Accounting:
Th e financial statements are prepared and presented under the
historical cost convention on the accrual basis of accounting and
comply with the provisions of Companies Act,1956 and in accordance with
the generally accepted accounting principles in India. Th e Company
follows the directions prescribed by the Reserve Bank of India for Non
Banking Financial Companies from time to time.
b) Income Recognition:
(i) Income from Hypothecation loan transaction is accounted on accrual
basis as per the Internal Rate of Return method .
(ii) The company has follows prudential norms prescribed by the Reserve
Bank of India in respect of income recognition, valuation of
investments, capital adequacy and provisioning for non-performing
assets.
c) Expenditure:
Expenses are accounted on accrual basis except in the case of bonus to
employees and contingent liabilities, which are accounted in the year
of payment.
d) Fixed Assets:
Fixed Assets are stated at historical cost less accumulated
depreciation.
e) Depreciation:
Depreciation on owned assets have been provided under Straight Line
Method at the rates prescribed in Schedule XIV of the Companies Act,
1956.
f) Valuation of Investments:
Long-term investments are stated at cost and provision for diminution
in value, other than temporary, is considered wherever necessary.
Current investments are valued at lower of cost and market value/net
asset value.
g) Taxes on Income:
Provision for current tax is made after taking into consideration
benefits admissible under provisions of Income Ta x Act, 1961. Deferred
Ta x resulting from ''timing difference'' between book profit and taxable
profit is accounted for using the tax rates and laws that have been
enacted or substantively enacted as on the balance sheet date. The
Deferred tax asset is recognised and carried forward only to the extent
that there is a reasonable certainty that the asset will be realised in
future.
Mar 31, 2012
A) System of Accounting: The financial statements are prepared and
presented under the historical cost convention on the accrual basis of
accounting and comply with the provisions of Companies Act, 1956 and in
accordance with the generally accepted accounting principles in India.
The Company follows the directions prescribed by the Reserve Bank of
India for Non Banking Financial Companies from time to time.
b) Income Recognition :
(i) Income from Hypothecation loan transaction is accounted on accrual
basis as per the Internal Rate of Return method.
(ii) The company has follows prudential norms prescribed by the Reserve
Bank of India in respect of income recognition, valuation of
investments, capital adequacy and provisioning for non- performing
assets.
c) Expenditure:
Expenses are accounted on accrual basis except in the case of bonus to
employees and contingent liabilities, which are accounted in the year
of payment.
d) Fixed Assets:
Fixed Assets are stated at historical cost less accumulated
depreciation.
e) Depreciation:
Depreciation on owned assets have been provided under Straight Line
Method at the rates prescribed in Schedule XIV of the Companies Act,
1956.
f) Valuation of Investments :
Long-term investments are stated at cost and provision for diminution
in value, other than temporary, is considered wherever necessary.
Current investments are valued at lower of cost and market value/net
asset value.
g) Taxes on Income:
Provision for current tax is made after taking into consideration
benefits admissible under provisions of Income Tax Act, 1961. Deferred
Tax resulting from 'timing difference' between book profit and taxable
profit is accounted for using the tax rates and laws that have been
enacted or substantively enacted as on the balance sheet date. The
Deferred tax asset is recognised and carried forward only to the extent
that there is a reasonable certainty that the asset will be realised in
future.
Mar 31, 2010
A) System of Accounting: The financial statements ore prepared and
presented under the historical cost convention on the accrual basis of
accounting and comply with the provisions of Companies Act,I956 and in
accordance with the generally accepted accounting principles in India.
The Company follows the directions prescribed by the Reserve Bank of
India for Non
b) Income Recognition:
(i) Income from Hire Purchase and Hypothecaton loan transaction is
accounted on the basis of the Internal Rate of Return method.
(ii)The company has fodows prudential norms prescribed by the Reserve
Bank of India in respect of income recognition, valuation of
investments, capital odequacy and provisioning for non-performing assets
c) Expenditure
Expenses are accounted on accrual basis except in the cose of bonus to
employees and contingent liabilities, which are accounted in the year
of payment.
d) Fixed Assets;
Fuced Assets are stoted at historical cost less accumulated
depreciation
e) Depreciation;
Depreciation on owned assets have been provided under Straight Line
Method at the rates prescribed in Schedule XIV of the Companies
Act. 1956.
f) Valuation of Investments:
Long term investments are stated at cost and provision for diminution
in year, other than temporary, is considered wherever necessary.
g) Taxes on Income
Provision for current tax is made after taking into consideration
benefits admissible under provisions of Income Tax Act. 1961 Deferred
Tax resulting from timing difference between book profit and taxable
profit is accounted for using the tax rates and laws that hove been
enacted or substantively enacted as on the balance sheet date The
Deferred tax asset is recognised and earned forward only to the extent
that there s a reasonable certainty that the asset will be realised in
future